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Schlumberger First Quarter 2022 Results; Revenue by Region, Call Highlights Industry Growth

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   |    Tuesday,April 26,2022

Schlumberger reported its first quarter 2022 results.

Results by Quarter

Results by Region


Call Highlights

  • Growth Across Alll Areas YOY: "All Divisions and Areas grew year-on-year, resulting in 14% overall growth. This was achieved through double-digit revenue growth internationally, and by fully capitalizing on our North America exposure with 32% revenue growth. Operating margins expanded in both North America and in the international markets, and we start the year with the highest first-quarter margins since 2015. This establishes an excellent foundation for our full-year margin expansion ambition."
  • Private Producers Lead Activity Increase: "The industry is responding to this high commodity price environment with accelerated short-cycle investment in North America led by the private producers and a gradual increase in investment by the public operators, albeit tempered by capital discipline and bottlenecks in capacity and supply chain."
  • "Solid Growth" Expected in North America, Internationally in Near-Term: "Sequentially, we expect a solid quarter of growth in both North America and the international market. Growth in North America will be led by continued short cycle activity, offset by Canadian spring break-up. Internationally, growth will be driven by the seasonal rebound, albeit moderated by the absence of the usual second-quarter uptick in Russia, owing to the uncertainty around the ruble depreciation, impact of sanctions, and customer activity decline. Taken together, this will result in global revenue growth around mid-single-digits for the second quarter."
  • 2H22 to be "Particularly Strong"; Growth Led by Offshore, Middle East: "Looking further ahead, the second half of the year is shaping up to be particularly strong, based on our view of a significant pipeline of customer activity, upcoming product backlog conversion, and the growing impact of net pricing. This period of the year is typically the strongest half, and 2022 looks to be no exception. While the dynamic situation in Russia and the potential reduction in pace of the demand recovery present near-term concerns, we believe the continued tightness in supply, elevated commodity prices, and supplemental investment intended to diversify oil and gas supply should represent a positive offset for 2022 and beyond. Accordingly, second-half growth will be driven primarily by the international markets, led by the Middle East and key offshore basins."

Q1 Results

Schlumberger CEO Olivier Le Peuch commented, “Our first-quarter results set us firmly on the path to deliver full-year revenue growth in the mid-teens and another year with a significant increase in earnings. Compared to the same quarter last year, revenue grew 14%; EPS—excluding charges and credits—increased 62%; and pretax segment operating margin expanded 229 basis points (bps), led by Well Construction and Reservoir Performance. These results reflect the strength of our core services Divisions, the broad-based activity increase, and the continued realization of our improved operating leverage.

“The quarter also marked the tragic start of the conflict in Ukraine, which is of grave concern. Accordingly, we established local and global crisis management teams to respond to the crisis and its effect on employees, business, and our operations. In addition to ensuring that our operations are compliant with developing sanctions, we took the step in the quarter to suspend new investment and technology deployment to our Russia operations. We urge the cessation of hostilities and are hopeful that peace will return to Ukraine and the entire region.

“Concurrently, a shift in focus is emerging in the energy landscape, exacerbating an already tightly supplied oil and gas market. The dislocation of supply flows from Russia will result in increased global investment across geographies and the entire energy value chain to ensure the diversification and security of the world’s energy supply.

“The confluence of elevated commodity prices, demand-led activity growth, and energy security are resulting in one of the strongest outlooks for the energy services industry in recent times—reinforcing the market fundamentals for a stronger and longer multiyear upcycle—absent a global economic setback.

“In this context, energy has never been more essential to the world. Schlumberger, which uniquely benefits from increasing E&P activity and digital transformation, provides the most comprehensive technology portfolio to help customers deliver diverse, cleaner, and more affordable energy.

“Year-on-year revenue growth by Division was led by Well Construction and Reservoir Performance, our core services Divisions, both of which grew more than 20%—outperforming global rig count growth. Digital & Integration revenue grew 11%, while Production Systems revenue increased 1%. Our core services Divisions experienced double-digit revenue growth in drilling, evaluation, intervention, and stimulation services, both on land and offshore. In Digital & Integration, growth was driven by strong digital sales, increased exploration data license sales, and higher revenue from Asset Performance Solutions (APS) projects. In contrast, Production Systems growth was temporarily hampered by ongoing supply chain and logistics constraints, resulting in lower-than-expected product deliveries. However, we are confident that these constraints will gradually abate, enabling backlog conversion and accelerating revenue growth for Production Systems through the rest of 2022.

“On a geographical basis, revenue growth compared to the same quarter last year was broad-based, with international revenue increasing 10% and North America growing 32%. International growth was widespread across all areas, led by Latin America, due to higher drilling in Mexico, Ecuador, Argentina, and Brazil. Europe/CIS/Africa grew primarily from higher Production Systems sales in Turkey and increased exploration drilling in offshore Africa—particularly in Angola, Namibia, Gabon, and Kenya. These increases, however, were partially offset by revenue decline in Russia & Central Asia. Middle East & Asia revenue increased due to higher drilling, stimulation, and intervention activity in Qatar, Iraq, the United Arab Emirates, Egypt, Australia, and across Southeast Asia. In North America, growth was pervasive across drilling and completions activity, coupled with a strong contribution from our APS project in Canada.

“Year-on-year, first-quarter pretax segment operating income margin expanded due to improved operating leverage from higher activity, favorable offshore activity mix, greater technology adoption, and an improving global pricing environment, which continues to evolve favorably in Well Construction and Reservoir Performance. Digital & Integration margin expanded further, while Production Systems margin was impacted by supply chain constraints.

“Sequentially, the quarter’s revenue primarily reflects the typical seasonal activity decline in the Northern Hemisphere, with the decline in Europe/CIS/Africa more pronounced due to the depreciation of the ruble, as well as global supply chain constraints impacting Production Systems. In contrast, North America and Latin America revenue was essentially flat sequentially. By Division, Well Construction revenue was slightly higher than last quarter as strong drilling activity in North America, Latin America, and the Middle East more than offset the seasonal reductions in Europe/CIS/Africa and Asia. Reservoir Performance, Production Systems, and Digital & Integration were sequentially lower due to seasonal reductions in activity and sales.

“First-quarter cash from operations was $131 million, including a first-quarter build-up of working capital above the usual level, ahead of the anticipated growth for the year. We expect free cash flow generation to accelerate throughout the year, consistent with our historical trend and still expect double-digit free cash flow margin on a full-year basis.

“Moving forward, the outlook for the rest of the year—particularly in the second half—is shaping up very well with both short- and long-cycle investments accelerating. Notably, a number of FIDs for long-cycle development projects have been approved, new contracts were awarded, offshore exploration drilling is resuming, and several customers have announced a significant step-up in their spending plans for this year and over the next few years.

“Consequently, it is our view that increased activity—both on land and offshore—higher technology adoption, and pricing momentum will drive simultaneous growth internationally and in North America. This will result in a sequential seasonal rebound in the second quarter followed by significant growth in the second half of the year, particularly in the international market.

“With this backdrop and despite the uncertainty linked to Russia, we believe the current market dynamics should allow us to maintain our full-year ambitions of year-on-year revenue growth in the mid-teens and adjusted EBITDA margins exiting the year at least 200 basis points higher than the fourth quarter of 2021. Our positive outlook extends further into 2023 and beyond as we anticipate successive years of market growth. As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle may potentially prove higher than originally anticipated, absent a setback in the economic recovery.

“Based on these strengthening fundamentals, we made the decision to initiate incremental return to shareholders with a 40% dividend increase. The trajectory of our cashflows affords us the flexibility to accelerate our return of capital program while continuing to deleverage the balance sheet and invest for long-term success.

“At this pivotal moment in energy for the world, Schlumberger is well positioned. Our advantaged market position, technology leadership, and execution differentiation are aligned for significant returns potential throughout the cycle.”

Other Events

On April 21, 2022, Schlumberger’s Board of Directors approved a 40% increase in the quarterly cash dividend from $0.125 per share of outstanding common stock to $0.175 per share, beginning with the dividend payable on July 14, 2022, to stockholders of record on June 1, 2022.

Results by Area

North America

North America revenue of $1.3 billion was essentially flat sequentially, as growth on land was offset by seasonally lower sales of exploration data licenses and production systems in the US Gulf of Mexico. Land revenue was driven by the ramp-up of drilling in US land and increased APS revenue in Canada.

Compared to the same quarter last year, North America revenue grew 32%. Growth was extensive across drilling and completions activity, coupled with a strong contribution from our APS project in Canada.


Revenue in Latin America of $1.2 billion was flat sequentially, as higher APS revenue in Ecuador and increased drilling activity in Mexico was offset by lower revenue in Guyana, Brazil, and Argentina due to reduced drilling, intervention, and completions activity as well as lower sales of production systems. Increased APS revenue in Ecuador was driven by the resumption of production following the pipeline disruptions in the previous quarter.

Year-on-year, revenue grew 16% due to higher drilling activity in Mexico, Ecuador, Argentina, and Brazil.

Europe/CIS/Africa revenue of $1.4 billion decreased 12% sequentially due to the seasonal activity reduction that impacted all Divisions and the depreciation of the ruble. The revenue decline was partially offset by higher revenue in Europe, particularly in Turkey, due to increased sales of production systems.

Year-on-year, revenue grew 12%, primarily from higher sales of production systems in Turkey and higher exploration drilling in offshore Africa, particularly in Angola, Namibia, Gabon, and Kenya. These increases, however, were partially offset by the revenue decline in the Russia & Central Asia region.

Revenue in the Middle East & Asia of $2.0 billion decreased 4% sequentially due to seasonally lower activity in China, Southeast Asia, and Australia, coupled with reduced sales of production systems in Saudi Arabia. This decline was partially offset by robust drilling activity in the rest of the Middle East, particularly in the United Arab Emirates.

Year-on-year, revenue increased 6% due to higher drilling, stimulation, and intervention activity on new projects in Qatar, Iraq, the United Arab Emirates, Egypt, and across Southeast Asia and Australia.

First-Quarter Results by Division

Digital & Integration

Digital & Integration revenue of $857 million decreased 4% sequentially due to seasonally lower sales of digital and exploration data licenses, primarily in North America and Europe/CIS/Africa, following the usual year-end sales. This decline was partially offset by strong contribution from our APS projects in Ecuador with the resumption of production following the pipeline disruptions in the previous quarter.

Year-on-year, revenue increased 11% with growth in all areas driven by strong digital sales, increased exploration data license sales, and higher revenue from APS projects.

Digital & Integration pretax operating margin of 34% contracted 372 bps sequentially due to the effects of lower sales of digital and exploration data licenses that were partially offset by improved profitability from Ecuador APS projects.

Year-on-year, pretax operating margin expanded 201 bps with improvement across all areas due to increased profitability in digital, exploration data licenses, and APS projects, particularly in Canada.

Reservoir Performance


Reservoir Performance revenue of $1.2 billion decreased 6% sequentially due to seasonal activity reductions, primarily in the Northern Hemisphere as well as reduced intervention and stimulation activity in Latin America. Revenue was also impacted by the depreciation of the ruble. The decline was partially offset by strong activity in North America and in the Middle East.

Year-on-year, double-digit revenue growth was broad across all regions, except for Russia & Central Asia. Double-digit growth was posted in evaluation, intervention, and stimulation services both on land and offshore, with more exploration-related activity during the quarter.

Reservoir Performance pretax operating margin of 13% contracted 232 bps sequentially due to reduced profitability from seasonally lower evaluation and stimulation activity, primarily in the Northern Hemisphere—partially offset by improved profitability in North America.

Year-on-year, pretax operating margin expanded 299 bps with profitability improving in evaluation and intervention activity across all regions, except for Russia & Central Asia.

Well Construction

Well Construction revenue of $2.4 billion was slightly higher sequentially driven by increased integrated drilling activity and drilling fluids revenue, partially offset by reduced measurements and drilling equipment sales. Strong drilling activity in North America, Latin America, and the Middle East was partially offset by seasonal reductions in Europe/CIS/Africa and Asia, as well as the effects of the depreciation of the ruble.

Year-on-year, double-digit revenue growth was across all regions, except for Russia & Central Asia. Double-digit growth was recorded in drilling fluids, measurements, and in integrated drilling activity—both on land and offshore.

Well Construction pretax operating margin of 16% expanded 77 bps sequentially due to improved profitability in integrated drilling, impacting all areas, particularly in North America, Latin America, and the Middle East. This was partially offset by reduced margins in the Northern Hemisphere and Asia due to seasonality.

Year-on-year, pretax operating margin expanded 534 bps with profitability improving in integrated drilling, equipment sales, and measurements services across most regions.

Production Systems

Production Systems revenue of $1.6 billion declined 9% sequentially due to lower sales of well production systems across all areas and reduced revenue from subsea projects. Revenue was temporarily impacted by supply chain and logistics constraints, resulting in lower-than-expected product deliveries.

Year-on-year, double-digit growth in North America and Europe & Africa was driven by new projects in contrast to reductions in Middle East & Asia and Latin America resulting from the end of projects and temporary supply chain constraints. As these constraints gradually abate, enabling backlog conversion, revenue growth for Production Systems will accelerate through the rest of 2022.

Production Systems pretax operating margin of 7% declined 192 bps sequentially and 159 bps year-on-year. The margin contraction was primarily due to reduced profitability in well production systems driven primarily by the impact of global supply chain and logistics constraints.

Quarterly Highlights

Investment in oil and gas production continues to grow as Schlumberger customers invest to provide reliable energy to meet increasing and evolving demand. Customers globally are announcing new projects and expanding existing developments, and Schlumberger is increasingly being selected for its performance in execution and innovative technology that enhances customer success. Selected awards this quarter include:

  • bp has awarded Schlumberger a three-year contract for comprehensive services on six rigs operating offshore Azerbaijan. The scope of the contract covers drilling and measurement, drilling fluids, cementing, bits, and mud logging—including operations on challenging high-pressure, deepwater gas wells in the Shah Deniz Field. Both companies collaborated closely to design the most efficient technical solutions, supported by innovative operating and commercial models, to achieve a step change in total cost of ownership for bp. The contract will commence in the second quarter of 2022.
  • Saudi Aramco has awarded Schlumberger a major contract award for integrated drilling and well construction services in a gas drilling project. The integrated project scope encompasses drilling rigs and technologies and services, including drill bits, measurement while drilling (MWD) and logging while drilling (LWD), drilling fluids, cementing, and completing wells. Schlumberger will leverage digital solutions to enhance integrated drilling performance, including the DrillOps* on-target well delivery solution, which uses data analysis, learning systems, and automation to execute a digital well plan, improving drilling efficiency, consistency, and performance.
  • Schlumberger was awarded contracts by BOE Exploration & Production LLC for multiple work scopes in the Gulf of Mexico. The awards include contracts for the supply of services and equipment for high-pressure, high-temperature (HPHT) drilling on the Shenandoah Phase I development project, as well as the supply of advanced completions valve technology—GeoGuard* high-performance deepwater safety valves—for the project. Shenandoah drilling will employ our capability and technology to help maximize value for development of the lower Tertiary formation, which comprises high-pressure reservoirs. Schlumberger will bring years of technical experience and leading HPHT technology to the project in collaboration with the operator. Drilling is slated to commence in 2022.
  • Schlumberger has contracts in place with ENI for well construction services covering infill development campaigns in North America, that are expected to commence in April 2022. The campaigns cover numerous onshore and offshore wells, including several deepwater wells where Schlumberger directional drilling and cementing services will be deployed. Key technology across ENI’s campaigns during the drilling phase will include the PowerDrive Xcel* and PowerDrive Orbit* rotary steerable systems to execute demanding 3D trajectories and high-angle wellbores, and Performance Live* digitally connected service to improve operational efficiency while reducing HSE risk and carbon footprint.
  • TotalEnergies has awarded Schlumberger an extensive contract for drilling, completions, and production services for its Tilenga onshore oil development in Uganda. The scope of the contract includes the provision of directional drilling services, upper completions, lower completions, artificial lift solutions, and wellheads for the Tilenga development, which comprises six fields with up to 426 wells, which will be developed across 31 wellpads.
  • In North Africa, Schlumberger was awarded a three-year contract, valued at more than USD 200 million, for exploration and production services. The contract scope includes wireline, coiled tubing, well testing, slickline, hydraulic fracturing, and stimulation services. Schlumberger will take a fit-for-basin approach to designing and deploying a combination of technologies and solutions across the region, which will support exploration success and improve production performance from existing assets.
  • Kuwait Oil Company (KOC) awarded Schlumberger a seven-year contract, for more than 400 installations of progressing cavity pump (PCP) equipment and services. The contract scope includes supply, installation, and commissioning of PCPs, which are ideally suited for increasing production from KOC’s mature, heavy oil assets. Under the contract, Schlumberger will also provide a single, comprehensive automation solution for the remote monitoring and maintenance of PCPs on existing wells while also enabling new wells to be easily added. This digital solution will enhance PCP performance and KOC operational efficiency on these assets. Work commenced in the second quarter of 2022.

Digital adoption across the industry continues to gather momentum, evolving how customers access and use their data, improving or creating new workflows, and using data to guide decisions that boost performance in the field. Customers are adopting our industry-leading digital platform and edge solutions in the field to solve new challenges and improve operational performance. Examples from the quarter include:

  • ConocoPhillips has awarded Schlumberger the deployment of its enterprise-wide, cloud-based DELFI* cognitive E&P environment. ConocoPhillips will use Schlumberger digital solutions enabled by the DELFI environment to bring its reservoir engineering modeling, data, and workflows to the cloud. Upon completion of the integration, ConocoPhillips reservoir engineers will have access to cloud-based, high-performance computing resources in the DELFI environment as well as Schlumberger’s reservoir engineering solutions—including the Petrel* E&P software platform's Petrel Reservoir Engineering, INTERSECT* high-resolution reservoir simulator, and ECLIPSE* industry-reference reservoir simulator.
  • In Malaysia, PETRONAS has signed a Memorandum of Understanding (MOU) with Schlumberger to jointly explore opportunities in the areas of sustainability, digital, and Internet of Things (IoT) technologies, as well as research and development projects. Under the MOU, PETRONAS and Schlumberger will create key sustainability initiatives, such as the setup of a Carbon Capture and Storage (CCS) Centre of Excellence—which will comprise CO2 separation technologies, a competency development program, emissions management, and a cloud-based repository for carbon storage data. This collaboration aligns with PETRONAS’ efforts to establish Malaysia as a leading CCS solutions hub in the region. PETRONAS will leverage Schlumberger capabilities to develop reliable, safer, and ready-to-deploy technologies that reduce the carbon footprint in its upstream operations, while developing a capability framework and efficient data management. PETRONAS is taking deliberate steps to build a resilient and sustainable portfolio to support the transition towards low-to-zero carbon energy sources.
  • Schlumberger expanded its INNOVATION FACTORI network with the opening of a new center in Houston, Texas, the first INNOVATION FACTORI center in North America. Through INNOVATION FACTORI, customers can turn promising concepts into fully deployed, enterprise-scale AI and digital solutions that extract maximum value from data. Customers benefit from an agile approach by leveraging the DELFI cognitive E&P environment, which seamlessly integrates with Agora* edge AI and IoT solutions. Customers also have access to a powerful machine learning platform with unrivalled AI capabilities through Schlumberger’s partnership with Dataiku. Together with Dataiku, Schlumberger is enabling customers to leverage a single, centralized platform to design, deploy, govern, and manage AI and analytics applications—allowing everyday users to develop ‘low-code no-code’ AI solutions.
  • In Libya, Sirte Oil Company (SOC) began digitalizing operations with Agora edge Al and IoT solutions to increase production and electric submersible pump (ESP) reliability. Using secure satellite connectivity and solar power in the remote AI-Khair Field, SOC is now improving production and monitoring the first of multiple wells, with additional deployments slated for 2022. This first-of-a-kind implementation of a predictive ESP performance application in concert with Al-driven video analytics deployed via Agora solutions at the wellsite improves production, enhances site security, and can reduce required wellsite visits by more than 90%. SOC will remotely capture other information from analog gauges on subsequent wells using Al-powered digital vision and Agora solutions.

During the quarter, Schlumberger introduced several new technologies and received recognition for industry-advancing innovation. Customers are leveraging our Transition Technologies* and digital solutions to improve operational performance and reduce carbon footprint.

  • In the Eagle Ford Shale, Ensign Natural Resources was able to reduce new well capital expenditure and well pad emissions using Vx Spectra* surface multiphase flowmeters. Previously, Ensign was using a three-phase separator for production monitoring on every well. By deploying Vx Spectra flowmeters—which measure without the need to separate components of production—Ensign is now able to use a single test separator per pad and a Vx Spectra flowmeter for real-time monitoring of individual well performance. This reduced capex by decreasing the number of required separators, lowering well pad emissions by 75%.
  • The first worldwide 6-in Ora* intelligent wireline formation testing platform implementation was performed in Kuwait in January 2022, with a 3D-focused radial probe on a deep drilling rig at 16,100 ft, enabling the first-ever downhole sampling in the Jurassic tight gas reservoir. KOC’s implementation was a great opportunity to prove Schlumberger technology leadership, and the Ora platform enabled a fourfold increase in sampling efficiency in one of the most complex reservoirs in Kuwait. This operation reduced KOC’s carbon footprint using one of our Transition Technologies, and paves the way for further deployment to realize the environmental, social, and governance (ESG) vision of KOC.
  • Schlumberger technologies received several honors from the Offshore Technology Conference (OTC), the leading industry event dedicated to advancing scientific and technical knowledge for offshore resources and environmental matters. ReSOLVE iX* intelligent extreme wireline intervention service and Autonomous Directional Drilling have each won an OTC 2022 Spotlight on New Technology® Award, which recognizes companies that are revolutionizing the future of offshore energy through technological advancement and innovation. In addition, ProdOps* tuned production operations solution and the Optiq Seismic* fiber-optic borehole seismic solution each won an OTC Asia 2022 Spotlight on New Technology Award. These technologies are all being deployed by customers to improve operational performance.

The growth cycle continues to strengthen as customers increasingly invest to find and bring new supply to market. Well construction is a key part of that process, and Schlumberger continues to introduce technologies that not only drive well construction efficiency but provide deeper understanding of reservoirs, empowering customers to create more value. Drilling technology highlights during the quarter:

  • Schlumberger announced the introduction of the GeoSphere 360* 3D reservoir mapping-while-drilling service, which leverages advanced cloud and digital solutions to deliver real-time 3D profiling of reservoir objects. Using GeoSphere 360 3D service, customers can now place fewer, higher-quality wells with greater certainty and confidence, improving returns from complex reservoirs and reducing the carbon intensity of field development. Unlike conventional technologies, 3D reservoir mapping while drilling identifies fluid bodies and faults—at reservoir scale—which is unique in the industry.
    In the North Sea, Equinor used the new Schlumberger GeoSphere 360 3D service to provide a complete 3D structural understanding of a key section of a well, which led to the delivery of nearly 100 m of extra net pay interval. Subsurface insight from GeoSphere 360 3D service informed Equinor's high-angle well placement that optimized total hydrocarbon recovery. Geosteering support from the top of the reservoir to the main section of the horizontal interval resulted in Equinor electing to extend the well in the reservoir pay zone, improving project economics.

Our industry must advance sustainability in its operations, reducing environmental impact while contributing to the stability of global energy supply. Schlumberger continues to create and apply technology to both reduce emissions from customer operations and support clean energy generation around the world.

  • During the quarter, the company formally launched the Schlumberger End-to-end Emissions Solutions (SEES) business, which offers a comprehensive set of services and cutting-edge technologies designed to give operators a robust and scalable solution for measuring, monitoring, reporting, and—ultimately— eliminating methane and routine flare emissions from their operations. Methane and flare emissions currently account for more than 60% of operators’ direct—or Scope 1 and 2—greenhouse gas (GHG) emissions. SEES delivers a holistic approach to enable operators to develop a successful methane emissions elimination strategy. The approach enables customers to plan, measure, and act using the industry’s first methane emissions digital platform, accessible in the DELFI environment, providing a comprehensive and differentiated path for operators to achieve their decarbonization objectives.
  • In Germany, Schlumberger performed a successful stimulation on a horizontal geothermal well for the Ruhr Universität Bochum, creating a model for rejuvenating geothermal wells across Germany and beyond, while meeting the highest environmental standards. Previous types of treatments were unsuccessful in this complex, high-temperature reservoir. Kinetix* reservoir-centric stimulation-to-production software was used to plan a treatment delivered with the BroadBand Precision* integrated completion service—including a customized formulation of the ThermaFRAC* shear-tolerant high-temperature fracturing fluid. This solution supported project permitting within the Bavarian Environment Agency, Bayerisches Landesamt für Umwelt (LfU Bayern), and Mining Office South Bavaria (Bergamt Südbayern) through compliance with Germany’s strict environmental requirements. This process can be used to renew productivity of geothermal wells around the world.
  • Veitur Utilities PLC has made a direct award to Schlumberger for three high-temperature electric submersible REDA* pumps (ESP) for installation in geothermal water wells situated in and around Reykjavik, Iceland. This award is the result of a previous Schlumberger installation in 2020 of a REDA pump to replace a lineshaft pump (LSP) in Veitur’s district heating wells. The Schlumberger ESP can operate in higher temperature environments, increased depths, and higher deviation from vertical than LSPs, which are typical in geothermal applications. The REDA pump produces higher flow rates without the need for additional cooling, reducing energy consumption while meeting increasing demand for heating in the district heating network.
  • In New Zealand, Ballance Agri-Nutrients Ltd. has awarded Schlumberger a contract to use the Symmetry* process software platform to create a digital twin of the Kapuni ammonia-urea plant and use custom thermodynamic simulation to increase plant output. The thermodynamics engine of the Symmetry platform, coupled with bespoke urea modeling tools, will enable Ballance to combine this plant with a renewable energy farm that will not only produce green ammonia and urea for agriculture, but will also supply green hydrogen for transportation fuel.


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